Argentina to present plan to restructure private debt

Buenos Aires (AFP) – Argentine President Alberto Fernandez said his country has found itself in “a sort of virtual default” as it prepares to present a plan to restructure its debt to private creditors on Friday.Buenos Aires will propose a 62 percent discount on bond interest, worth $37.9 billion, and 5.4 percent on debt capital, worth another $3.6 billion.”We’ve tried to understand the creditors’ preferences, (hence) the proposal entails a greater reduction in interest than capital,” Economy Minister Martin Guzman said Thursday.The recession-hit South American country is also seeking a three-…

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